InsBank has paid $1.6 million for about 0.6 acres near Interstate 65 just north of the Davidson-Williamson line, where it plans to set up its second office. The office still needs regulators' approval and is expected to open in 2016. Getahn Ward at The Tennessean has more info here.
The big 2015 growth spurt by law firm Burr & Forman has led its leaders to decide on an interim relocation to downtown's Nashville City Center tower from West End Avenue. Scott Harrison at the Business Journal writes that new Managing Partner Stephen Price expects to move his team in the next couple of weeks.
Looking longer-term, Price says he and his team are considering downtown office buildings that will be built in the "next year or two." Those projects would appear to include Eakin Partners' 1201 Demonbreun building adjacent to the inner interstate loop, the planned Hines/Ragland tower on First Avenue, MarketStreet's Gulch Crossing coming online this summer, and a 22-story building planned by Turnberry Associates two blocks east of MarketStreet's building.
By 2017, what is currently known as Legislative Plaza could become a parking lot and the once-forsaken Cordell Hull Building will be the new home for House and Senate legislators’ offices, committee rooms and the press suite.
That’s according to House Speaker Beth Harwell, who said the move will be more cost-effective than trying to repair problems in the Legislative Plaza.
“It’s a really neat building, and we’re going to try to restore it so it really looks good. The outside won’t look much different,” Harwell said.
According to Harwell, the Legislative Plaza and War Memorial Building need about $55 million worth of repairs, including replacing rusty pipes and locating hard-to-find parts to maintain the heating and air conditioning units that cost around $350,000 yearly in upkeep. According to staff, the Plaza lacks a proper sprinkler system and has flooding issues.
“Besides all that, it’s not a very nice facility,” Harwell said about the Plaza. “We’ve decided that it makes financially more sense. It’s only $44 million to relocate over there so it’s less money to do that improvement than it is to try to do the improvement to Legislative Plaza,” said Harwell.
Not all that long ago, Gov. Bill Haslam's administration planned to raze the Cordell Hull building upon the advice of a property management firm that told the governor the building was too costly to repair. That decision was reversed last year.
Ultimately, the state Building Commission will have to review and approve the project, according to Harwell. The War Memorial Building would be turned over to the Office of General Services, which Harwell expects will try to restore the building. The Legislative Plaza space would become an additional layer of underground parking to accommodate visitors, she said. Parking has long been a problem near the plaza, both for staff and visitors. At the earliest, the project will be finished by 2017, she said.
“Plus, I think we’ll all be healthier outside the Legislative Plaza,” Harwell said.
In a potentially noteworthy development, men recently were spotted conducting environmental sampling on a key SoBro site that is for sale.
The Nashville Symphony Association owns the four-parcel site, which spans 0.75 acres and is located at the southwest corner of the intersection of Korean Veterans Boulevard and Fourth Avenue South. The Omni Nashville Hotel is located across KVB from the land.
The NSA paid $1.05 million for the properties in February 2004.
The core drilling effort, according to sources who asked to go unnamed, suggest a prospective buyer has been found. The sources said a hotel is the logical choice for the site.
Unrelatedly, Nashville-based Pinnacle Hospitality Partners owns an adjacent site (located at the northwest corner of the T-intersection of Fourth and Peabody Street) and is hoping to develop a Holiday Inn.
See the sites here courtesy of Google Maps.
Panattoni Development has been issued a $13.9 million permit to finish up its 95,000-square-foot office building, which will house the headquarters for performing-rights organization SESAC. The five-story building and adjoining parking garage at 35 Music Square East are being built by Alston Construction. An interesting tidbit from the latest permit: The crane on the site is limited to 137 feet in height and needs to be dismantled by Oct. 1.
The Mallory Park district that links Cool Springs' retail district with southern Brentwood continues to add uses. The latest project involves local hotel entrepreneur Chandler Kanal paying $1.3 million for a three-acre tract that has frontage on Interstate 65. There, he plans to build an 83-room Comfort Suites hotel. Jonathan Romeo at Brentwood Homepage has the details, including the developer's planned timeline for the project's next steps.
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